Update: 15 December, 2017 21:12 PM
Wall Street up as gains in consumer staples power recovery

Wall Street up as gains in consumer staples power recovery

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

Wall Street indexes rose on Friday with gains in consumer stocks such as Costco Wholesale helping a broad recovery.

Costco (COST.O) rose 4 percent after the retailer reported upbeat results and pushed up the S&P Consumer Staples index .SPLRCS by 0.9 percent. The index was the biggest gainer among the 11 major S&P sectors.

The S&P 500 fell the most in a month on Thursday after Republican Senators Marco Rubio and Mike Lee declined to back the bill without changes to child tax credits, reports Reuters.

“What Rubio was looking for is more help for the lower-income people, child tax credits. That’s something that can easily be adjusted, so the bill will move forward,” said Andre Bakhos, managing director at Janlyn Capital.

“Things are looking like this (tax bill) will get through. But the market is going to be sensitive to any inkling that it’s going to be a problem.”

Stocks have rallied this year, partly on hopes of corporate tax cuts that U.S. President Donald Trump promised during his election campaign last year. The bill, in its current form, proposes a corporate tax cut to 21 percent from 35 percent.

The stock markets are expected to see a rise in trading volume as the session progresses with traders likely to close hedging positions of futures, options and stocks or roll them over at the last minute.

At 9:33 a.m. ET (1433 GMT), the Dow Jones Industrial Average .DJI was up 129.05 points, or 0.53 percent, at 24,637.71 and the S&P 500 .SPX was up 13.49 points, or 0.51 percent, at 2,665.5.

The Nasdaq Composite .IXIC was up 24.34 points, or 0.35 percent, at 6,880.87.

The S&P 500 and the Dow were on track to record four weeks of gains in a row, while the Nasdaq was set to post its first rise in three weeks.

Shares of consumer staple companies such as Walgreen Boots (WBA.O), Kraft Heinz (KHC.O), Mondelez (MDLZ.O), Procter & Gamble (PG.N), Wal-Mart (WMT.N) rose between 0.37 percent and 1.25 percent.

Oracle’s (ORCL.N) shares slipped 5.6 percent after the company’s forecast for the current-quarter cloud revenue growth missed estimates and the second quarter sales in the business disappointed.

CSX Corp (CSX.O) fell about 8 percent after the No.3 U.S. railroad said its Chief Executive Hunter Harrison was taking medical leave, a decision that comes in the middle of a controversial turnaround plan.

Advancing issues outnumbered decliners on the NYSE by 1,885 to 572. On the Nasdaq, 1,428 issues rose and 852 fell.

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